Explanatory Note
On April 24, 2020, Navios Maritime Holdings Inc. (“Navios Holdings”) entered into an amendment agreement in respect of the $70.0 million loan (the “Loan”) with Navios South American Logistics Inc. (“Navios Logistics”) to amend the interest payment dates in respect of the Loan.
On June 24, 2020, Navios Holdings entered into a deed of assignment and assumption among Navios Logistics, Grimaud Ventures S.A. (“Grimaud”), and Anemos Maritime Holdings Inc. in respect of the Loan, in which Navios Logistics assigned its legal and beneficial right, title and interest in the Loan to Grimaud.
On June 25, 2020, Navios Holdings entered into an amendment agreement in respect of the Loan to amend the interest payment date in respect of the Loan and to allow a portion of the total interest payable in respect of the Loan to be effected in common shares of Navios Holdings.
On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Grimaud in satisfaction of the interest payable in respect of the Loan.
Copies of the agreements are furnished as Exhibit 10.1, 10.2 and 10.3 to this Report and are incorporated herein by reference.